English

Saga Tankers ASA :Q4 2016 financial results

Report this content

OSE FILING

Saga Tankers ASA: Q4 2016 financial results

(Oslo, 28 February 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK  784 million at the end of the fourth quarter of 2016, corresponding to NOK 2.95  per share, excluding minority interests and with Vallhall valued at book value.

By the end of fourth quarter, Saga had a cash balance of NOK 439 million and no long term debt, except the real estate financing related to the holding in Vallhall.

The positive development in available for sale reserves of NOK 9.7 million, classified as other comprehensive income, is the net effect of positive return on investment in Pareto Bank and negative effect on investments in Vistin Pharma ASA and Nel ASA.

Fourth quarter 2016 highlights:

  • Saga has increased its ownership in Pareto Bank ASA through the quarter from 6.3%to 8.5 % at the year end
     
  • Saga has purchased approx 13.6 million own shares and has a holding of approx 20.6 million own shares, corresponding to 7.2 % of the outstanding shares at the year end
     
  • In December Saga subscribed for18.4 million shares in a private placement in S.D Standard Drillling Plc. The shares were allocated in 2017. At the year end Saga's ownership in S.D Standard Drilling Plc was 46.16%. Due to several equity issues post year end, included the subscription in December 2016 and allocations in January 2017, Saga's ownership in S.D Standard Drilling Plc has been reduced to 15.4% as of 28 February 2017 

Key figures

NOK 1000 Oct-Dec 2016 Oct-Dec 2015 Jan-Dec 2016 Jan-Dec 2015
  (unaudited) (unaudited) (unaudited) (unaudited)
Operating revenues   4 491   6 342   135 638   81 510
Operating profit (-loss) before depreciation (EBITDA) (1)   -589   -16 451   112 177   15 204
Operating profit/(-loss) (EBIT) (2)   -1 030   -17 125   109 545   12 565
Net profit/(-loss)   -684   -16 595   110 496   14 058
Total comprehensive income   10 928   189 581   -96 320   267 197
         
Value adjusted equity per share (NOK) (3)   2,95   3,26   2,95   3,26
         
Basic and diluted earnings per share NOK   -    -0,06   0,39 0,07
(1) EBITDA can be calculated from the statement  of income by deducting interest income, interest expences and depreciation from the profit/(loss) before taxes.
(2) EBIT can be calculated from the statement of income by deducting interest income and  interest expences from the profit/(loss) before taxes.
(3) Value adjusted equity has been calculated through application of  market value for assets and liabilities traded in quoted markets, and book value for other assets and liabilities. As traded assets and liabilities are carried at fair value in the balancesheet, the VAE per share equals total equity exluding non-controlling interests per outstanding share.

  

  TNOK Share of total  
Fixed assets   89 513 10 %  
Available-for-sale financial assets   298 480 35 %  
Associates   36 223 4 %  
Current assets   439 685 51 %  
Total assets   863 900 100 %  
       
       
       
Available-for-sale financial assets Fair value TNOK No of shares Ownership
Pareto Bank ASA   190 101   4 989 516 8,5 %
NEL ASA   52 593   25 908 055 3,8 %
Vistin Pharma ASA   47 183   1 965 943 11,5 %
Total   289 876    
       

Financial assets are adjusted to market value according to IFRS. SD Standard Drilling Plc is  (46.2% ownership) an associate and recognized according to the equity method. Vallhall Arena is a subsidiary.

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

By end of first quarter the largest investments in Saga Tankers ASA were:

Nel ASA (3.8% ownership):

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange.
Since its foundation in 1927, NEL Hydrogen has a proud history of development
and continual improvement of hydrogen plants. Nel's main products are hydrogen production plants for industry and energy applications, hydrogen fueling stations for the transport sector, and power-to-gas/power-to-power solutions for the renewable industry. The company also holds a number of patents related to tests for early detection and diagnosis of diseases. For further information: www.nelhydrogen.com

Vistin Pharma ASA (11.5% ownership):

Vistin Pharma is a Norwegian pharmaceutical company producing Active
Pharmaceutical Ingredients (APIs) and solid dosage forms for the global
pharmaceutical industry. The company has key positions in the Metformin and
Opioids markets, and a strong foundation for creating a highly efficient CMO
business (contract manufacturing of tablets).  Solid growth potentials exist in
all the business segments. The spin-off from Weifa facilitates new growth
opportunities due to a narrower business scope, increased visibility and being
able to pursue own strategic agendas without the risk of compromises across business units.

For further information www.vistin.com

Pareto Bank ASA ( 8.5% ownership)

Pareto Bank is a leading niche player within project financing. The bank has main focus on financing of real estate, securities and corporate, shipping and offshore. Pareto Bank is a compact organization with 35 employees, short decision lines, and an efficient credit decision process. The main geographical real estate exposure is in Oslo and Akershus. Financing of securities is mainly related to listed stocks. Pareto Bank also finance small and medium size corporate, primarily related to a project or M&A. Further Pareto Bank finance some segments within the shipping and offshore industry.

For further information www.paretobank.no

Vallhall (55% ownership):

Vallhall Arena is Oslo's largest indoor arena, centrally located at Helsfyr in Oslo with good public transportation connections. Several hotels are also located close to the arena. The arena was built in 2001. The cost was approximately NOK 130 million whereof NOK 80 million was funded by debt and NOK 55 million was funded by equity from owners. The arena has about 9 000 square meter expanse. The arena is well-known for its high quality indoor soccer hall and is used by school children, as well as professionals. The arena is also leased out for events such as exhibitors, seminars, concerts and other events requiring facilities that Vallhall Arena can offer.

For more information: www.vallhall.no

SD Standard Drilling Plc (15.4% ownership):

Having sold all initial rig contracts, the strategy of the company has changed to being an investment company within the oil and gas service sector. Main assets are currently cash holdings and investments within the PSV segment. The company currently owns 100% of three large-size PSV's and have ownership in 13 mid-size PSV's bringing the total fleet of party and/or fully owned vessels to 16.

For more information: www.standard-drilling.com

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Subscribe

Documents & Links